CHEC injects $221m into Lekki port, acquires 52.5 per cent stake

The China Harbour Engineering Company (CHEC) has revealed that it has now injected $221m into the development of the Lekki port project, automatically becoming the largest shareholder of the project with a 45 years Build, Operate Transfer (BOT) concession period.

Addressing maritime journalists, on Wednesday, during a media tour of the project site, the Managing Director of Lekki Port LFTZ Enterprise Limited (LPLEL), Mr Du Ruogang, explained that with the infusion of the $221m, the company is now the largest shareholder of the Lekki port project with a 52.5 per cent stake.

According to Mr Ruogang, “CHEC is now the largest shareholder of the Lekki port project following the injection of $221m into the project by the company. With this, we now have a 52.5 per cent shareholding stake.

On access to the ports, the Lekki port boss explained that efforts are in place to expand the road network leading to the port and also connect the port by rail.

“With Dangote Refinery just beside us expected to operate with nothing less than 700 trucks, we are optimistic that efforts are in place to expand the road networks and also link the port by rail.

“The road is currently a single lane road network, and we are confident that before port operations commence next year, the road will have been expanded to a two-lane highway to accommodate seamless cargo evacuation at the ports while also servicing the cluster of businesses that will spring up around here by next year when the ports become operational.

“Nobody wants to repeat the problem in Apapa. We are working with the Federal, State government, the Free Trade Zone and Lekki port are all committed towards ensuring that at the right time, everything is put in place. It is something that is agitating the minds of everyone.

“The Ministry of transport is working to ensure that the port is connected to rail. So it is a work in progress. We are assured that they would do what really needs to be done,” he said.

Ruogang also added that the construction of the $1.6 billion project has also seen the completion of the 1,909m long core of the main breakwater.

Recall that the Lagos State Government recently said it has secured a loan of $629 million to finance the ongoing Lekki deep seaport project.

Lekki deep seaport is being built on over 90 hectares of land at the centre of the Lekki Free Trade Zone, approximately 60 kilometres east of Lagos. It is the first deep seaport to be built in Nigeria on a Build, Own and Transfer agreement.

Construction of the initial budgeted $1.6 billion deep seaport began in December 2017 and the project is expected to be completed in 2022 after been reviewed.

The multi-purpose Lekki port will have three container terminal, three liquid and one dry bulk terminals to serve container vessels of up to 18,000TEUs, dry bulk vessels, and liquid bulk cargo vessels.

A nine kilometres-long and 19 metres -deep navigation channel and a 600m-wide turning basin will be built to allow vessels to approach or leave the port.

Other facilities at the port will include a 6km-long and 14.5m-deep approach channel, quay wall, cargo handling cranes, and three 19m-deep liquid jetties.

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